Culp Inc.

06/18/2026 | Press release | Distributed by Public on 06/18/2026 10:12

Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 1-12597

1.
Full title of the plan and the address of the plan, if different from that of the issuer named below:

CULP, INC. EMPLOYEES' RETIREMENT PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

CULP, INC.

410 W. English Road 5th Floor

High Point, North Carolina 27262

Telephone Number: (336) 889-5161

1

CULP, INC.

FORM 11-K

TABLE OF CONTENTS

Page

Report of Independent Registered Public Accounting Firm

3

Statements of Net Assets Available for Benefits

4

Statements of Changes in Net Assets Available for Benefits

5

Notes to Financial Statements

6

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

12

Exhibit Index

13

Signatures

14


2

Report of Independent Registered Public Accounting Firm

To the Plan Participants and Retirement Committee of the

Culp, Inc. Employees' Retirement Builder Plan

High Point, North Carolina

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Culp, Inc. Employees' Retirement Builder Plan (the "Plan") as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years ended December 31, 2025, 2024, and 2023 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years ended December 31, 2025, 2024, and 2023 in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's 2025 financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the 2025 financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the 2025 financial statements as a whole.

We have served as the Plan's auditor since 2022.

/s/ GreerWalker LLP

June 18, 2026

3

Charlotte, North Carolina

4

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2025 AND 2024

ASSETS

2025

2024

Investments, at fair value (Note C)

Registered investment companies

$

38,357,555

$

40,077,354

Pooled Separate Accounts

7,364,105

-

Common and collective trust fund

2,973,527

3,472,715

Culp, Inc. common stock

739,327

1,153,883

Money market fund

32,578

43,493

49,467,092

44,747,445

Receivables

Employer contributions

-

-

Participant contributions

-

-

-

-

NET ASSETS AVAILABLE FOR BENEFITS

$

49,467,092

$

44,747,445

4

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

2025

2024

2023

CHANGES IN NET ASSETS ATTRIBUTED TO :

Investment income

Net appreciation in fair value of investments

$

1,634,890

$

2,257,892

$

3,638,951

Interest and dividends

3,343,311

2,413,506

1,839,727

Total investment income

4,978,201

4,671,398

5,478,678

Contributions

Employer

1,022,297

1,059,697

1,053,752

Participant

1,811,594

1,886,013

1,989,324

Direct rollovers

98,515

346,981

153,232

Total contributions

2,932,406

3,292,691

3,196,308

Benefits paid to participants

(3,048,683

)

(4,865,107

)

(7,550,692

)

Administrative expenses (Note E)

(142,277

)

(128,449

)

(121,994

)

Net increase in net assets available for benefits

4,719,647

2,970,533

1,002,300

NET ASSETS AVAILABLE FOR BENEFITS

Beginning of year

44,747,445

41,776,912

40,774,612

End of year

$

49,467,092

$

44,747,445

$

41,776,912

5

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

NOTE A - DESCRIPTION OF PLAN

The following description of the Culp, Inc. Employees' Retirement Builder Plan (the "Plan") provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan's provisions.

General

The Plan is a defined contribution plan covering all full-time employees of Culp, Inc., and its subsidiaries (the "Company") who have three months of continuous service and are at least 21 years of age. Employees who elect to participate in the Plan may do so in the next available payroll period. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

Contributions

Each year, participants may contribute compensation, as defined in the Plan document, subject to certain Internal Revenue Code ("IRC") limitations. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers various registered investment company funds, pooled separate accounts, one common and collective trust fund, and Culp, Inc. common stock as investment options for participants. The Company makes matching safe harbor contributions equal to 100% of the participant's contribution up to the first 4% of annual compensation contributed to the Plan. An employee who is eligible to participate in the Plan but does not either affirmatively elect to decline participation or designate a specified amount to be contributed to the Plan, is required to have their compensation reduced by 3%, which is then contributed into the Plan's T. Rowe Price Retirement Series.

Employees who elect to participate in the Plan are required to contribute at least 2% of their annual compensation to the Plan.

Additional profit-sharing amounts may be contributed at the option of the Company. No profit-sharing contributions were made during the years ended December 31, 2025, 2024, or 2023.

Participant Accounts

Each participant's account is credited with the participant's contributions and Company matching contributions, as well as allocations of (a) the Company's profit-sharing contributions, (b) Plan earnings, and (c) Plan administrative expenses. Allocations are based on participant earnings, account balances, or specific transactions, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

6

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

Vesting

Participants are immediately vested in their own voluntary contributions and the Company's matching contributions plus actual earnings thereon.

Notes Receivable from Participants

Notes receivable from participants are not permitted by the Plan.

Payment of Benefits

Upon termination of service due to death, disability, retirement, or other reasons as defined by the Plan, participants may receive a lump-sum distribution equal to the value of the participant's vested interest in the Plan. In-service distributions may be made to participants who have reached age 59 1/2. Withdrawals from the Plan may also be made upon circumstances of financial hardship, in accordance with provisions specified by the Plan.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Plan are prepared under the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Investment Valuation and Income Recognition

The Plan's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and changes therein, and disclosures. Actual results could differ from those estimates.

Contributions

Contributions from participants are recorded as they are withheld from the participants' wages. Contributions from the Employer are recorded in the period in which the related participant contributions are due.

Payment of Benefits

Benefits are recorded when paid.

Administrative Expenses

7

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Investment related expenses are included in net appreciation in fair value of investments.

NOTE C - FAIR VALUE MEASUREMENTS

The Financial Accounting Standards Board issued a statement that defines fair value and establishes a framework for measuring fair value. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are described as follows:

Level 1 - Quoted market prices in active markets for identical assets and liabilities,

Level 2 - Inputs other than level 1 inputs that are either directly or indirectly observable, and

Level 3 - Unobservable inputs developed using the company's estimates and assumptions, which reflect those a market participant would use.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. There have been no changes in the methodologies used during the years ended December 31, 2025, 2024, and 2023, respectively.

Registered Investment Companies

Valued at the daily closing price as reported by the fund. The funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded and therefore are classified within Level 1 of the fair value hierarchy.

Pooled Separate Accounts

The Plan's investments in pooled separate accounts (PSAs) are offered through variable annuity contracts issued by Empower. Each PSA invests exclusively in a corresponding T. Rowe Price Retirement Series target-date portfolio. These portfolios are diversified across a broad mix of T. Rowe Price equity and fixed-income mutual funds, including U.S. equity, international equity, fixed income, inflation-protected securities, and short-term investments. Asset allocations follow a through-retirement glidepath, becoming more conservative as the target retirement date approaches and continuing to adjust beyond the target year.

The PSAs are measured at fair value and are classified within Level 2 of the fair value hierarchy since their valuation is based on observable inputs, including the NAV of the underlying T. Rowe Price Retirement Series mutual funds and observable market pricing for the securities held within those funds. The PSAs do not have quoted prices for identical assets in active markets and therefore do not qualify for Level 1 classification. No significant unobservable inputs are used in determining fair value; accordingly, Level 3 classification is not applicable.

8

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

The PSAs offered through Empower do not have lock-up periods, gates or withdrawal restrictions, redemption fees, and advance notice requirements. The Plan is not subject to any contractual restrictions that would limit its ability to redeem PSA interests at fair value.

Common and Collective Trust Fund

This investment is valued using the NAV as a practical expedient and is not classified within the fair value hierarchy. There are no participant redemption restrictions for this investment; the redemption notice period is applicable only to the Plan.

The following tables present information for which the NAV per share practical expedient was used:

Net Asset Value used as a practical expedient as of December 31, 2025:

Redemption

Unfunded

Frequency

Redemption

Description

Fair Value

Commitments

(If Currently Eligible)

Notice Period

Invesco Stable Value Trust Fund

$

2,973,527

N/A

Daily

12 months

Net Asset Value used as a practical expedient as of December 31, 2024:

Redemption

Unfunded

Frequency

Redemption

Description

Fair Value

Commitments

(If Currently Eligible)

Notice Period

Invesco Stable Value Trust Fund

$

3,472,715

N/A

Daily

12 months

Culp, Inc. Common Stock

This investment is valued at the closing price reported on the New York Stock Exchange, which is the active market the individual security is traded. This investment is classified within Level 1 of the fair value hierarchy.

The Plan held 207,640 shares and 196,376 shares of the Company's common stock as of December 31, 2025, and 2024, respectively. The cost basis of these shares of the Company's common stock was $1,970,986 and $1,253,261 as of December 31, 2025, and 2024, respectively.

Money Market Fund

This investment is a public investment vehicle valued using $1 for the NAV. The money market fund is classified within Level 2 of the fair value hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

9

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

The following tables present information about assets and liabilities measured at fair value on a recurring basis:

Fair value measurements as of December 31, 2025, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

inputs

Description

Level 1

Level 2

Level 3

Total

Investments at Fair Value

Registered investment companies

$

38,357,555

$

-

$

-

$

38,357,555

Culp, Inc. common stock

739,327

-

-

739,327

Pooled Separate Accounts - T. Rowe Price
Retirement Series

-

7,364,105

-

7,364,105

Money market fund

-

32,578

-

32,578

Total investments in the fair value hierarchy

$

39,096,882

$

7,396,683

$

-

$

46,493,565

Investments at net asset value, as a practical expedient:

Common and collective trust fund

2,973,527

Total investments at fair value







$

49,467,092

Fair value measurements as of December 31, 2024, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

inputs

Description

Level 1

Level 2

Level 3

Total

Investments at Fair Value

Registered investment companies

$

40,077,354

$

-

$

-

$

40,077,354

Culp, Inc. common stock

1,153,883

-

-

1,153,883

Money market fund

-

43,493

-

43,493

Total investments in the fair value hierarchy

$

41,231,237

$

43,493

$

-

$

41,274,730

Investments at net asset value, as a practical expedient:

Common and collective trust fund

3,472,715

Total investments at fair value







$

44,747,445

NOTE D - EXEMPT PARTY-IN-INTEREST TRANSACTIONS

During the years ended December 31, 2025, 2024, and 2023, Plan investments include shares of the Company's common stock and therefore, transactions associated with the Company's common stock qualify as party-in-interest.

Empower Retirement, a wholly owned subsidiary of Great West Life & Annuity Insurance Company has served as Plan administrator during the years ended December 31, 2025, 2024, and 2023.

10

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

NOTE E - ADMINISTRATIVE EXPENSES

Administrative fees paid directly by the Plan to Raymond James Financial Services for investment advisory and other administrative services were $92,302, $86,499, and $82,400 during the years ended December 31, 2025, 2024, and 2023, respectively.

Administrative fees paid directly by the Plan to GreerWalker LLP for audit services were $28,600, $27,000, and $25,000 during the years ended December 31, 2025, 2024, and 2023, respectively.

Administrative fees paid directly by the Plan to Empower Annuity Insurance Company of America were $21,375, $13,950, and $12,594 during the years ended December 31, 2025, 2024, and 2023, respectively.

No administrative fees were paid directly by the Plan to Smith Leonard PLLC for audit services during the year ended December 31, 2025. Administrative fees paid directly by the Plan to Smith Leonard PLLC for audit services were $1,000 and $2,000 during the years ended December 31, 2024, and 2023, respectively.

NOTE F - PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

NOTE G - TAX STATUS

The Plan has adopted a prototype plan document sponsored by the Plan's trustee. The Internal Revenue Service has determined and informed the Plan's trustee by a letter dated November 11, 2022, that the Plan is designed and in compliance with the applicable requirements of the IRC. The Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

GAAP requires management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the taxing authorities. The Plan has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025, and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits of any tax periods in progress.

NOTE H - RISKS AND UNCERTAINTIES

The Plan invests in various registered investment companies, pooled separate accounts, and a common and collective trust fund. Registered investment companies, pooled separate accounts, and the common and collective trust fund are exposed to various risks, such as market volatility and asset allocation, interest rates, credit, fluctuations in foreign currency exchange rates, geopolitical events, inflation, and unemployment. Due to the level of risk associated with the Plan's investments it is at least reasonably possible that changes in the values of the Plan's investments will occur in the near term and that such changes could materially affect the participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

11

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

EIN: 56-1001967

PLAN NUMBER: 001

December 31, 2025

(a)

(b) Borrower, Lessor or Similar Party

(c) Description of Investment

(d) Cost **

Current
Value

MFS Moderate Allocation Fund

311,010

units

-

6,189,101

Franklin Dynatech Fund

32,014

units

-

5,963,476

MFS Value Fund

96,199

units

-

4,807,064

MFS Total Return Fund

219,183

units

-

4,217,073

MFS Growth Allocation Fund

117,547

units

-

2,965,705

Invesco Stable Value Trust Fund

2,973,527

units

-

2,973,527

MFS Core Equity Fund

54,516

units

-

2,723,060

MFS Aggressive Growth Allocation Fund

85,673

units

-

2,712,405

MFS International Diversification Fund

68,243

units

-

1,870,543

T. Rowe Price Retirement 2035 Fund

152,154

units

-

1,850,636

American Century Mid Cap Value Fund

115,244

units

-

1,697,550

JP Morgan Small Cap Growth Fund

74,941

units

-

1,313,721

T. Rowe Price Retirement 2045 Fund

98,589

units

-

1,228,367

T. Rowe Price Retirement 2030 Fund

88,865

units

-

1,062,583

Pioneer Bond Fund

123,493

units

-

1,054,627

MFS Conservative Allocation Fund

51,251

units

-

858,963

DWS RREEF Real Estate Securities Fund

36,584

units

-

773,019

T. Rowe Price Retirement 2055 Fund

61,032

units

-

763,963

MFS Corporate Bond Fund

53,314

units

-

669,095

T. Rowe Price Retirement 2040 Fund

47,495

units

-

585,249

Lord Abbett Bond Debenture Fund

74,574

units

-

542,156

T. Rowe Price Retirement 2060 Fund

41,929

units

-

524,842

T. Rowe Price Retirement 2050 Fund

40,793

units

-

509,941

T. Rowe Price Retirement 2015 Fund

42,217

units

-

493,190

T. Rowe Price Retirement 2025 Fund

29,144

units

-

343,781

T. Rowe Price Retirement 2020 Fund

132

units

-

1,550

Fidelity Colchester Street Trust Government Portfolio

32,578

units

-

32,578

*

Culp, Inc. Common Stock

207,640

units

-

739,327

$

49,467,092

*Indicates party-in-interest.

**Cost information omitted for participant-directed investments.

12

EXHIBIT INDEX

Exhibit Number

Exhibit Description

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm in connection with registration statement of Culp, Inc. on Form S-8 (File No. 33-13310)

13

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

By: Culp, Inc., Plan Administrator

By: The Culp, Inc. Retirement Committee

Date: June 18, 2026

/s/ Robert G. Culp, IV

Robert G. Culp, IV

/s/ Kenneth R. Bowling

Kenneth R. Bowling

/s/Teresa A. Huffman

Teresa A. Huffman

14

Culp Inc. published this content on June 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 18, 2026 at 16:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]